Governor Larry Hogan announced the largest tax relief package in state history to deliver more than $4.6 billion in much-needed relief for hardworking Maryland families, small businesses, and retirees. “Next to our health recovery from the worst pandemic in more than a century, nothing is more important than our continued economic recovery,” said Governor Hogan. “With all of the important announcements we are making today, we are continuing our focus on delivering exactly what we promised—real, long-term relief to hardworking Marylanders, small business, and retirees, creating more jobs and more opportunity in every corner of the state, and continuing to lead the nation in economic recovery so that our state comes back even stronger and better than ever before.” Last fall, the governor announced a five-point framework for the record budget surplus, including increasing the Rainy Day Fund, major tax relief for retirees, direct tax relief for Marylanders, additional relief for underserved Marylanders, and enhancements for state employees. Tax Relief For All Retirees. The Retirement Tax Reduction Act will eliminate 100% of state retirement taxes in Maryland, providing $4 billion in cumulative relief to deserving retirees. Tax relief is phased in over time using an income exclusion, and begins in tax year 2022. In past […]
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